Vehicles for Life

June 22,2017

REV Group, Inc. (NYSE: REVG)

SunTrust 2017 Midwest Industrial Conference

Forward-Looking Statements

This presentation includes statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “strives,” “goal,” “seeks,” “projects,” “intends,” “forecasts,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs, goals or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. Our forward-looking statements are subject to risks and uncertainties, including those highlighted under “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in our most recent prospectus and other risk factors described from time to time in subsequent annual and quarterly reports on Forms 10-K and 10-Q, which may cause actual results to differ materially from those projected or implied by the forward-looking statement.

Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which only speak as of the date hereof. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, expect as required by applicable law.

Note Regarding Non-GAAP Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that the evaluation of the Company’s ongoing operating results may be enhanced by a presentation of Adjusted EBITDA and Adjusted Net Income, which are non-GAAP financial measures. Adjusted EBITDA represents net income before interest expense, income taxes, depreciation and amortization as adjusted for certain non-recurring, one-time and other adjustments which the Company believes are not indicative of our underlying operating performance. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total net sales. Adjusted Net Income represents net income as adjusted for certain after-tax, non-recurring, one-time and other adjustments which the Company believes are not indicative of our underlying operating performance as well as for the add-back of certain non-cash intangible amortization and stock-based compensation.

The Company believes that the use of Adjusted EBITDA and Adjusted Net Income provide additional meaningful methods of evaluating certain aspects of its operating performance from period to period on a basis that may not be otherwise apparent under GAAP when used in addition to, and not in lieu of, GAAP measures. A reconciliation of Adjusted EBITDA and Adjusted Net Income to the most closely comparable financial measures calculated in accordance with GAAP is included in the Appendix to this presentation.

2

Cautionary Statements & Non-GAAP Measures

Today’s Presenters

3

35 years industry experience (11 years public company experience)

Joined REV as CEO in August 2014

Former CEO of Bucyrus International, Inc. (NASDAQ:BUCY) and Gardner Denver, Inc.

— At Bucyrus, grew revenue and Adj. EBITDA from $280mm and $9.6mm, respectively, in 2000 to $3.7bn and $720mm, respectively, in 2010, prior to its sale to Caterpillar

Held numerous leadership positions for over 20 years at Bucyrus

Tim SullivanChief Executive Officer

Dean NoldenChief Financial Officer

20 years industry experience (20 years public company experience)

Joined REV as CFO in January 2016

Former CFO of The Manitowoc Company’s (NYSE:MTW) Foodservice Business

— Also served as Executive Vice President of Finance for Manitowoc’s Crane segment and served as Treasurer

Prior to Manitowoc, spent 8 years in public accounting in the audit practice of PwC

Investment Highlights

Unique and Attractive Financial Profile5

Proven, Experienced and Aligned Management Team6

A Market Leader with Iconic Brands and One of the Largest Installed Bases of Vehicles1

Opportunity to Leverage Proven Track Record of Successful Acquisitions to Realize Incremental Upside from M&A4

Serves Attractive, Diverse & Growing End-Markets with Strong Macro Tailwinds &Significant Pent-Up Demand2

4

Multiple Controllable Growth & Synergies Levers to Drive Significant Earnings Growth and a 10% EBITDA Margin by 20193

REV Group

Fire & Emergency Commercial Recreation

#1 manufacturer of ambulances and #2 in fire apparatus1,2

Customers purchase REV products because of our reputation for quality, value, and reliability

Specialty Vehicle Provider of Choice for Municipalities, Private Contractors, Commercial, and Industrial Customers

#1 manufacturer of Small & Medium Size commercial buses3

Fast growing market share in 2016 in Class A Diesel & Gas Motorized RVs4

1 National Truck Equipment Association (“NTEA”) Ambulance Manufacturers Division (“AMD”) industry unit volumes. 2 Fire Apparatus Manufacturers' Association (“FAMA”) unit volume data; custom chassis only.3 Management estimate. 4 Market share based on year to date October 2016 data from Statistical Surveys, Inc.

5

Common Business Processes Across Product Categories Drive REV’s Strategic Logic and Value Creation Paradigm

6

REV’s unique strategy is based on leveraging common process attributes for a diverse portfolio of specialty vehicles

Leveraging Common Attributes – the “Synergy Toolset” What Remains Distinct

Chassis and Raw Material Procurement

Efficient Manufacturing Processes

Dealer Network Management

New Product Development Processes

Product Conception Processes

Commercial Strategies and Pricing Paradigms

Service and Parts Aftermarkets

Information Systems

Brand Identities

Core Product Attributes Driving Customer Purchase Decisions

Distribution Strategies Tied to Customer Base

Sales and Product Management

International3%

REV at a Glance

¹ Represents FY2016 period ending Oct. 29, 2016; management estimates.2 Proforma trailing twelve month net sales to include full year impact of Renegade, Midwest and Ferrara acquisitions.

REV Group, Inc. (“REV”) is a leading North American designer, manufacturer, and distributor of specialty vehicles and related aftermarket parts and services

Leading market share across 3 segments: Fire & Emergency, Commercial, and Recreation

29 iconic brands, several of which pioneered their categories

18 manufacturing and 11 aftermarket service locations across the country

Macro tailwinds driving growth including rising municipal spending, a growing aged population, increasing urbanization and pent-up demand

Diversified customer base - no customer accounts for greater than 6% of total sales in FY2016

Nationwide distribution network including dealerships and direct sales

Ideal platform to continue consolidating fragmented specialty vehicle industry

Sales Mix¹Company Overview

7

By Segment By Vehicle Type By Geography

Fire &Emergency

40%Commercial

35%

Recreation25%

Specialty6%

Ambulance24%

Fire Apparatus

16%

CommercialBus16%

Transit Bus7% Type A

School Bus7%

Motorized RV

25%

U.S.97%

Proforma TTM Sales (2Q 2017): $2.1 billion2

Most vehicle sales represent replacement of

existing products Aftermarket sales represent a growing portion of revenue

Dealer81%

Direct19%

By Channel

Vehicles96%

By Vehicles / AftermarketBy Customer TypeAftermarket

Parts / Service4%

Govt. / Muni.54%Consumer

25%

Private Contractor

13%

A leading diversified producer of specialty vehicles in the U.S.

Industrial / Commercial

8%

Source: Management estimateNote: Replacement sales opportunity is calculated as the average number of annual units sold multiplied by the average useful life multiplied by the average selling price.1 Excludes installed fleet of FY2017 acquired businesses

Average Life Cycle & Selling Price

Large Installed Base Drives Significant Recurring Replacement Sales

8

Replacement Value of REV’s Installed Base

Replacement demand for the aging fleet of REV’s products represents a significant revenue growth opportunity

RV

Bus

Fire

Ambulance

~$32 billion

Replacement value of REV’s in-service fleet1

Specialty

Why Customers Choose REV for

Replacement

Repeat purchase to match in-service fleets

Brand loyalty and reputation for value, quality, and reliability

Long-standing customer relationships

Broad, customizable vehicle platform

Superior product quality and safety

Network of aftermarket parts and service centers

Pumper trucks: 10-12 years ($160k - $650k)

Aerial Fire trucks: 20-30 years($475k - $1.2mm)

Shuttle bus: 5-10 years ($40k -$190k)

Transit bus:12 years ($100k-$500k)

School bus:8-10 years ($35k -$55k)

Recreation vehicles: 8-15 years ($65k - $600k)

Specialty vehicles:5-7 years ($25k - $165k)

Ambulance: 5-7 years ($65k - $350k)

Key Facts & Commentary End-Market Growth

Fire & Emergency Aging population and urbanization

drives demand

Fire and Ambulance demand rising since 2011

Pent-up demand of 15,000 units for fire apparatus & ambulances since 2008 recession

Commercial

Urbanization increasing demand for buses

Outsourcing of transportation services

Legislated replacement requirements

Com

Recreation Poised for long-term growth with industry recovery

Increasing participation rates demonstrate long-term trend toward RV ownership

Recreation sales below pre-recession average

(000s)

45.2

32.628.2

35.5 36.2

2006 2009 2012 2015 2016

57.2 55.9

13.2

28.2

47.354.9

Pre-Rec.Avg.

2006 2009 2012 2015 2016

0

2,000

4,000

6,000

8,000

10,000

12,000

'01 '03 '05 '07 '09 '11 '13 '15Pre-2008 AverageActualCumulative Pent-up Demand

Source: FAMA, NTEA AMD, RVIA, Mid-Size Bus Manufacturers Association (“MSBMA”), Management Estimate¹ Pre-recession average reflects the average from 1989 to 2007.2 Proforma for FY2017 acquisitions using TTM sales through April FY2017.

13.1 13.3 12.314.7 14.9

2006 2009 2012 2015 2016

9

Ambulance Unit SalesFire Apparatus Unit Sales

36.3 32.7

5.914.5

21.9 22.4

Pre-Rec.Avg.

2006 2009 2012 2015 2016

Class A Motorized RV Unit Sales (000s)Motorized RV Unit Sales (000s)

Shuttle Bus Unit Sales (000s) U.S. School Bus Sales (000s)

40% of TotalSales (PF2 44%)

35% of Total Sales (PF2 29%)

25% of Total Sales (PF2 27%)

Growing End-Markets Benefit from Significant Incremental Pent-up Demand

REV’s end-markets have positive tailwinds across each segment as unit sales continue to trend toward pre-recession levels

9

Cumulative Pent-up Demand of 11,000 units

Cumulative Pent-up Demand of 4,000 units

Pre-Recession Avg.¹

0

2,000

4,000

6,000

8,000

10,000

12,000

'01 '03 '05 '07 '09 '11 '13 '15Pre-2008 AverageActualCumulative Pent-up Demand

Growth expected to continue

Unit Sales below 2006 peak

Pre-Recession Avg.¹

~6% Adj. EBITDA Margin

$1271

~10% EBITDAMargin

2016 Adj.EBITDA

Cost &Efficiency

AftermarketGrowth

MarketShareGrowth

NewProducts and

Initiatives

ConservativeMarketGrowth

Long-termEBITDA Margin

Target

M&A Upside Market RecoveryUpside

EBITDAwith UpsideOpportunity

• F&E: Municipal spending and pent-up demand

• Commercial: Urbanization, aging population, municipal spending

• Recreation: Continued recovery in volumes to pre-recession levels

Conservative Market Growth

Multiple Controllable Growth LeversMany Achievable Paths to Significant EBITDA Growth

Upside vs. Plan

Well-defined roadmap to drive EBITDA growth over the long-term with additional upside through M&A, further end market recovery, and entry into new adjacent market segments

• Continue broadening dealer coverage

• Entrance into previously under-addressed end-markets

• RV re-entry into Class C category and improved Class A share

Market Share Growth

• ~$800mm annual sales opportunity

• ~$32 billion installed base

• Higher margin opportunity

Aftermarket Growth

• Ambulance remounts

• Continued product innovation expands addressable market

• At least 11 new products to launch in 2017

New Products and Initiatives

• Many end-markets are still below historical averages

• Significant upside if end-markets continue to recover to pre-recession levels

Market Recovery Upside

• Highly fragmented market

• Large number of bolt-on opportunities

• Potential for transformative M&A

M&A Upside

B C

• Continued facility consolidation and optimization

• Cost of quality / warranty reduction

• Procurement optimization

Cost & Efficiency

E F G

Incremental Upside

A

Controllable Factors

A

D EB C

F G

10

Note: These targets are forward-looking, are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and these variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the prospectus. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals. ¹ FY2016 Adj. EBITDA of $127mm, including the $4mm Adj. EBITDA adjustment for KME operations prior to acquisition.

D

11

Multiple Controllable Growth LeversLarge Aftermarket Parts Growth Opportunity

REV9%

REV Aftermarket Opportunity & Capabilities

REV believes the aftermarket parts opportunity for its vehicles in service is ~$800 million annually

11RTC Facilities

~240,000Unit Installed

Base1

~$27 million

Investment in FY2015-2016

OnlineTechnology

Platform

~$800 millionTotal annual

value of REV aftermarketparts opportunity

REV Market Share of ~$800 million Parts Opportunity

Current Market Share2

Expand market share in high

margin aftermarket parts

and service

Upside Opportunity

Dedicated management team to oversee aftermarket business executing comprehensive aftermarket strategy

Investing in building out capabilities

Centralizing aftermarket parts and services business to broaden market coverage

Establishing a web-based platform to provide customers with real time data on parts availability

Establishing new partnerships to enhance capabilities and availability of parts in efficient manner

REV announced the start of a new service partnership with Ryder System, Inc. during the quarter to enhance

service for our bus dealers and customers1 Installed base based on management estimates and does not include businesses acquired in FY2017.2 Market share based on FY 2016 results.

Strategy Highlights

Significant Upside in Recreation Segment

Executing on numerous initiatives to drive growth and recapture share

Source: Management estimates. Market share from Statistical Surveys, Inc.1 As of Oct-2016. 2 Represents sales in calendar year 2005 as segments of larger public companies. 3 REV RV segment EBITDA margins reflect FY2016 and YTD April FY2017. Peers EBITDA margin represents the following LTM periods: THO (31-Oct-16), & WGO (Aug-16, pro forma for Grand Design acquisition).

12

RV Upside Opportunity in Revenue and Margin

$478

2016 Historical²

~$2,000

~7%¹ ~36%

REV Brands’Motorized RV Sales ($ million)

$2.0 billion in pre-recession motorized RV sales

One of the fastest growing Class A producers from October 2015 to October 2016 (+~120 bps of share)

Launch of Class C targets fast growing portion of the RV market (~22,100 units)

MotorizedMarketShare

Focus on recapturing share that REV brands held prior to 2008

Re-introduction of the Holiday Rambler and Monaco product lines

Re-introduction of Class C motorhomes and entry into Super C category

Entry into the Class B product category

Focus on quality and parts support, and service offerings to differentiate from competitors

New online parts ordering system

Optimizing dealer network, brand, and product positioning

2.3%3.4%

9.3% 9.4%

REV Rec -FY 2016

REV Rec -YTD 2017

THO WGO

Revenue Opportunity

Margin Opportunity³

Long-term opportunity to improve margins in line with peers

Focus on manufacturing processes, quality and facility rationalization to improve margins

REV is a Consolidator Disrupting the Specialty Vehicle IndustryOne of the Industry’s most active acquirers in the past decade

REV has created a unique platform to drive growth

2006 2008 2010 2012 2014 2016

Future

1960sSeveral brands founded their specialty vehicle segments and date back more than 50 years

Acquisitions

Milestones 2015

ASV is formed

Tim Sullivan becomes

ASV CEO

ASV renamed and rebranded REV Group

$1.2 billionin Sales1

$1.9 billionin Sales2

AIP Portfolio Companies

13

REV is poised to capitalize on momentum to continue redefining the specialty vehicle industry Unique size and scale amongst specialty vehicle manufacturers As a multi-line producer, offers unique cross-selling and cost synergy opportunities Differentiated business model versus competitors Three strategic acquisitions completed in the first half of FY2017

¹ Represents FY 2013.2 Represents FY 2016.

2017

Renegade RVClass C RVs and specialty trailers, including “Super C” RV niche with high towing capacity

Complimentary RV products that will accelerate REV Group’s expansion into the Class C RV market

14

Product and service offerings:

• “Super C” Motor Coaches

• Sprinter Class C Motor Coaches

• Heavy-Duty Trailers

• Other Specialty vehicles

Synergy Opportunities:

• RV dealer network expansion

• New product introductions

• Procurement savings

• Rationalize manufacturing space between all RV facilities

Midwest Automotive DesignsClass B RVs, van-based luxury shuttle buses and high-end mobility vehicles

Mercedes-Benz Master “Upfitter” of Class B RVs and Luxury Shuttle Buses

15

Custom built luxury van-based vehicles in the following categories:

• Class B RVs

• Business/Executive Transport

• Customized Van Conversions

• Customized mobility vans

Synergy Opportunities:

• RV dealer network expansion

• Procurement savings

• Production process improvements

• Rationalize manufacturing space between all RV facilities

Ferrara Fire ApparatusFull line custom and commercial fire apparatus as well as distributor of loose equipment

Based in Holden, LA with 300,000 square feet of manufacturing space and more than 450 employees

16

Custom built Fire Apparatus in the following categories:

• Pumpers

• Aerials

• Tankers

• Rescue and Wildland Vehicles

Synergy Opportunities:

• Key customer & geographic expansion

• Procurement leverage with E-ONE and KME

• Ladder production

• Implementation of manufacturing best practices

• Loose equipment and parts sales growth

New Product Introductions – Driving Product Leadership6 new products and a new service offering in 2Q17

17

E-ONE 100’ Metro Quint Aerial

Krystal Luxury Sprinter Van Renegade Valencia Super C

Ambulance of the Future New Chrysler Pacifica

Ford Transit Hotel Van

Updated Full Year 2017 Outlook

REV Group increases it’s full year 2017 Net Sales and Adjusted EBITDA guidance

Double digit sales growth coupled with even greater Adjusted EBITDA growth

18

Updated Full Year 2017 Outlook

Net Sales of $2.3 billion to $2.4 billion

Adjusted EBITDA of $157 million to $162 million1

Approximately 40% of full year Adjusted EBITDA expected in Q4

This outlook does not include potential additional future M&A

¹ Updated Full year 2017 forecasted net income is $36 to $39 million.

FINANCIALS

$14

$34

$55

2014 2015 2016

Impressive Growth and Significant Upside Opportunity

$1,721 $1,735$1,926

2014 2015 2016

$62$90

$127

2014 2015 2016

($ millions)

6.4%²Margin (%)

Revenue Adjusted EBITDA1

Return on Invested Capital1,4

REV’s historical performance positions the company for strong and profitable future growth

20

Note: These targets are forward-looking, are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and these variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the prospectus. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals.1 FY2016 Adj. EBITDA of $127mm includes $4mm Adj. EBITDA adjustment for KME operations prior to acquisition. See page 33 of this presentation for a definition and reconciliation of Adj. EBITDA to Net Income.2 FY2016 Adj. EBITDA margin assumes Adj. EBITDA of $123mm, excluding the $4mm Adj. EBITDA adjustment for KME operations prior to acquisition.3 See page 34 of this presentation for a definition and reconciliation of Adj. Net Income to Net Income.4 ROIC – Return on Invested Capital defined as after-tax Adj. EBITDA divided by current maturities of notes payable, bank and other long-term debt plus notes payable, bank and other long-term debt, less current maturities plus total shareholders’ equity; assumes 36.5% effective tax rate.

3.6%

Adjusted Net Income³

2.9%Margin (%) 0.8%

($ millions)

($ millions)

5.2%

2.0%

Long-term Targets

Revenue Growth CAGR of high single digits

Targeted EBITDA margin of ~10%

Long-term leverage target <2.0x EBITDA

Target NWC below 15% TTM sales

Maintenance capex <1% of Sales

9.1%13.1%

16.4%

2014 2015 2016

Consolidated REVG Year-To-Date 2017 Results

Broad based earning growth from controllable costs reduction initiatives and operating leverage

Adjusted EBITDA growth in excess of sales growth highlights operating leverage and cost agenda

21

Sales growth of 16% year-to-date due to growth in F&E and Recreation as well as acquisitions

30 basis point improvement in EBITDA margin driven by cost reductions and pricing/discounting initiatives

24% growth in Adjusted EBITDA is in excess of sales growth due to leveraging REV business model and accelerated growth from acquisitions

TTM proforma net sales and adjusted EBITDA of $2.1 billion and $156 million, respectively

$853

$988

$750

$800

$850

$900

$950

$1,000

2Q 2016 2Q 2017

Sale

s $

(mill

ions

)

Net sales

$47

$59

5.6%5.9%

4%

5%

6%

7%

8%

9%

10%

11%

12%

$-

$10

$20

$30

$40

$50

$60

$70

2Q 2016 2Q 2017

Adju

sted

EB

ITD

A M

argi

n %

Adju

sted

EB

ITD

A $

(mill

ions

)

Adjusted EBITDAAdjusted EBITDA margin

85% of costs of goods sold are variable

Focus on achieving ~10% long-term EBITDA margin target

Scaled and synergistic platform leveraging procurement, engineering, distribution, and support functions across business

Unique and Attractive Financial Profile

COGS Breakdown

Source: Company management.Note: These targets are forward-looking, are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and these variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the prospectus. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals.1 Proforma for FY2017 acquisitions through April FY2017.

Highly Variable

Cost Structure

Attractive characteristics including highly variable cost structure and balance sheet flexibility

22

Materials (ex.

Chassis) Chassis

Labor

85% of COGS

are variable

Manufacturing Overhead

Other COGS

Cash and equivalents of $13.9 million with additional availability of $136.6 million under our existing credit facilities

Current balance sheet leverage of 1.6x based on current debt of $268 million to trailing year proforma adjusted EBITDA of $156 million1

Interest expense coverage ratio of 5.9x on a proforma basis1

Balance Sheet metrics as of 2Q 2017

Flexible balance

sheet

$304 $318 $324 $321$268

$100$150$200$250$300$350

Q22016

Q32016

Q42016

Q12017

Q22017

$ in

mill

ions

2.7 2.71.9

2.31.7

4.2 4.4 4.4 4.65.9

1.0x

3.0x

5.0x

7.0x

Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Net Debt to Adjusted EBITDAAdjusted EBITDA to Interest Expense

Net Debt

Visible and

Recurring Revenue

Backlog April FY2017 ($ million)

F&E$636

Commercial$241

RV$113

Total$990

Primarily replacement nature of demand and, inmany products, backlog provides revenue visibility

Strong growth potential in recurring parts sales with highly attractive margins

Takeaways

Unique and Attractive Financial Profile5

Experienced Management Team6

Market Leader with Iconic Brands and Large Installed Base1

Opportunity to Leverage Track Record of Successful M&A4

Diverse and Growing End-Markets with Strong Tailwinds and Pent-up Demand2

23

Controllable Growth Synergy Levers to Drive EBITDA Margins to 10% by 20193

Maintaining Balance Sheet Flexibility and Strong Financial Profile

Added 3 New Brands Expanding Our Installed Base

Completed 3 Strategic Acquisitions Benefiting All 3 Segments

Continued Strength in End-Markets with Seasonally Strong 2H Ahead

Expanded Adjusted EBITDA Margins in All 3 Segments in 1H17

Investment Highlights 2017 YTD Update

24